SEC Launches Probe On Ericsson Over Its Iraq Connection

June 9, 2022 2:15 PM | 1 min read |

The U.S. SEC intimated Ericsson ERIC regarding its launch of an investigation on the company concerning the matters described in the company's 2019 Iraq investigation report.
Ericsson said it cooperated with the authorities regarding their review and investigation of its conduct in Iraq.
Previously CEO Borje Ekholm' disclosed that Ericsson may have made payments to the ISIS terror organization to gain access to specific transport routes in Iraq.
Ericsson had identified "unusual expenses dating back to 2018" and was yet to determine the final recipient of the money.
Ericsson also acknowledged that financing terrorism was entirely unacceptable.
Price Action: ERIC shares traded lower by 0.91 at $8.13 on the last check Thursday.